The world’s total solar capacity will reach 2,044GW by 2031, with China continuing to lead the way in deployment, making up nearly half (47%) of the world's 1,190GW net solar capacity additions through to 2031, according to research firm Fitch Solutions.
Australia’s solar sector is poised to accelerate deployment as the country’s new government vows to unlock renewables investment, upgrade the grid and bring federal policy more in line with states and territories.
A steep decline in solar irradiance in Spain earlier this year highlights the need for an interconnected European grid and increased investments in forecasting, according to PV data firm Solargis.
Mexico has secured commitments from 17 US companies that will result in the development of 1,854MW of solar and wind, according to the office of President Andrés Manuel López Obrador.
Solar PV will lead new capacity additions in Africa, reaching a total installed capacity of 125GW by 2030, according to a report from the International Energy Agency (IEA).
Solar and energy storage deployment in the US could be accelerated under new proposals from the country’s Federal Energy Regulatory Commission (FERC) aimed at addressing significant backlogs in interconnection queues.
India and Germany’s solar sectors are set to outperform in the coming years, but both markets will fall short of government PV deployment targets, according to Fitch Solutions.
